A State Street news release said the latest development builds on State Street’s existing relationship with Babson Capital under which State Street has provided custody, trustee, private equity and hedge fund services since 2001.

“Leveraging State Street’s expertise in global operations services will allow us to improve access to data, decrease reliance on multiple internal systems, take advantage of new developments in technology, and achieve greater overall operating efficiency,” said Thomas M. Finke, chairman and chief executive officer of Babson Capital, in the news release.

“As the financial markets become more complex, the technology systems required to maintain and develop new investment strategies has increased substantially,” said Jeff Conway, executive vice president and head of investment operations servicing and new business integration at State Street.